The Globe and Mail reports in its Friday, Feb. 20, edition that Barclays analyst Brian Morton has elevated his recommendation for Canadian Imperial Bank of Commerce to "overweight" from "underweight." The Globe's Darcy Keith writes that Mr. Morton gave his share target an $11 boost to $137. Analysts on average target the shares at $132.33. Mr. Morton largely tied the upgrade to more attractive valuations versus peers, as well as improving financial performance. Mr. Morton says in a note: "Over the past two years, CIBC has demonstrated progress toward its medium-term targets supported by return on equity expansion, more consistent earnings performance, positive operating leverage, benign credit quality and higher capital deployment through share repurchases. Still, at just under 13 times next year's earnings, it trades at a modest discount to the group. Going forward, we expect these trends to continue supported by further net interest margin expansion with potential upside to its 15-per-cent-plus medium-term return on equity target (14.4 per cent in 2025)." The Globe reported on Nov. 25 that Mr. Morton continued to rate CIBC "underweight," boosting his share target to $119 from $106. It was then worth $118.60.